The U.S. Chamber of Commerce’s Small Business Council endorsed two regulatory reform bills sponsored by U.S. Sen. Jim Risch (R-ID), the Advocacy Empowerment Act and the Hearing Small Business Act.
The Advocacy Empowerment Act and the Hearing Small Business Act require federal agencies to monitor their regulations’ impact on small businesses. These bills give the Office of Advocacy the power to make sure agencies have considered how many small businesses will be affected by a regulation and will allow small businesses to provide direct input on interim final rules, which are agency rules that could be issued and go into immediate effect.
“Together these bills would provide relief for America’s small business community,” Maxine Turner, chair of the Small Business Council of the U.S. Chamber of Commerce, said. “Undoubtedly, the growth of federal regulation over the past several years deserves part of the blame for our anemic economic growth.”
The U.S. Chamber of Commerce Foundation said the economic impact of federal regulations is $1.9 trillion per year.
“In my position as chairman of the Senate Committee on Small Business and Entrepreneurship, my number one priority has been to get the government out of the way and help provide some certainty and stability for entrepreneurs,” Risch said. “My legislation will help small businesses finally enjoy relief from burdensome federal regulations. I am grateful to the U.S. Chamber of Commerce’s Small Business Council for their unequivocal support of these efforts.”